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Activity report 2022

General Information

EstNor OÜ was established in 2000. The main activity of the company is the production of wooden element and modular houses, with the main customers being Norwegian and

Swedish real estate developers, construction companies and individuals. The company's house factory and office are located in Kiili parish, Harju County.

The business overview for 2022 showed that EstNor OÜ's sales revenue was 5,573,713 euros (2021: 4,572,500 euros), operating profit 286,622 euros (2021: -957,644 euros) and net profit 247,639 euros (2021: -993,870 euros).

The year 2022 was successful for EstNor OÜ. The main goal was to end the year with a profit and this was achieved. A total of 18 buildings were designed, produced and erected (2021: 16 buildings), of which 8 (2021: 2) were facade elements for office and apartment buildings. Norway was the main export market, where over half of the production was exported. The year was also exceptional due to the abundance of Estonian projects, mainly in the field of factory-renovated apartment buildings.

EstNor won a national tender organized by Kredex for the design and production of the structural part of 12 apartment buildings and facade elements.

During the reporting year, the elements of five houses were designed and produced, the rest will be completed in 2023.

In 2022, EstNor OÜ started cooperation with a Swiss general contractor. The first two houses have been exported, cooperation will continue in 2023.

In 2022, EstNor OÜ acquired a subsidiary in Norway, Estnor Bygg AS (100%), to provide construction and installation services in the local market.

In 2022, 63.64% of production was exported (2021: 99.4%).

Main financial ratios 2022 2021

Revenue growth (%) 22.0% 41.0% (sales revenue 2022 - sales revenue 2021) / sales revenue 2022 x 100

Profit growth (%) 125.0% -1738.0% (net profit 2022 - net profit 2021) / net profit 2022 x 100

Operating profitability (%) 5.1% -20.9% (operating profit / sales revenue) x 100

Net profitability (%) 4.4% -21.7% (net profit / sales revenue) x 100

Short-term liabilities coverage ratio (times) 1.2 0.5 current assets / short-term liabilities

ROA - total asset profitability (%) 18.0% -57.0% (net profit / total assets) x 100

ROE - equity profitability (%) 85.9% 125.9% (net profit / total equity) x 100

Debtor collection period (number of days) 28.0 75.0 (claims against buyers / sales revenue) x 365

Asset turnover ratio (times) 4.0 2.6 sales revenue / total assets

Employees and management As of the end of 2022, the company employed 27 people (2021: 31 people), the average number of employees during the year was 40 people (2021: 39 people). In 2022,

the total labor costs amounted to 1,376,637 euros (2021: 1,222,997 euros). The board consisted of one member.